Introduction Entrepreneur

Topics: Entrepreneurship, Entrepreneur, Joseph Schumpeter Pages: 6 (1102 words) Published: September 22, 2012
Chapter Objectives
1.  2.  3.  4.  5.  6.  7.  Explain entrepreneurship and discuss its importance; Discuss three main reasons people decide to become entrepreneurs; Identify four main characteristics of successful entrepreneurs. Explain five common myths regarding entrepreneurship. Explain how entrepreneurs differ from businessperson. Discuss the impact of entrepreneurial firms on economies and societies. Explain the entrepreneurial process.

Minicase: KLYMIT
•  Who? •  What? •  Why? •  Where? •  When?


There is tremendous interest in entrepreneurship in the U.S. and around the world.

According to the 2007 GEM study, 9.6% of Americans are actively engaged in starting a business or are the owner/manager of a business that is less than three years old.

What is Entrepreneurship?

•  Academic Definition (Stevenson & Jarillo)
–  Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.

•  Venture Capitalist (Fred Wilson)
–  Entrepreneurship is the art of turning an idea into a business.

•  What Entrepreneurs Do?
–  Entrepreneurs assemble and then integrate all the resources needed –the money, the people, the business model, the strategy —needed to transform an invention or an idea into a viable business.

Why Become an Entrepreneur?

Desire to be their own boss

Desire to pursue their own ideas

Financial rewards

Characteristics of Successful Entrepreneurs

Characteristics of Successful Entrepreneurs
•  Passion for the Business –  Typically stems from the entrepreneur’s belief that the business will positively influence people’s lives. •  Product/Customer Focus –  Typically stems from the fact that most entrepreneurs are, at heart, craftspeople.

Characteristics of Successful Entrepreneurs
•  Tenacity Despite Failure –  Because entrepreneurs are typically trying something new, the failure rate is naturally high. –  The ability to persevere through setbacks and failures. •  Execution Intelligence –  The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.

Steve Job
•  Co-founder, chairman and former CEO of Apple Inc. •  CEO of Pixar •  Board of Director of Walt Disney •  Introduced Apple II series •  Popularized GUI •  Resigned from Apple in 1985 •  Founded NeXT which later bought by Apple and reinstated as CEO •  Resigned as CEO in 2011 and appointed Chairman

Steve Job: Personality and Leadership Style

•  42nd wealthiest man in America •  Aggressive and very demanding •  One of Silicon Valley's leading egomaniacs •  Always aspired to position Apple and its products at the forefront of the IT industry by foreseeing and setting trends, at least in innovation and style •  Primary inventor/ co-inventor in 338 US patents

Steve Job: A Succesful Entrepreneur?

•  Passion for business? •  Product/ customer focus? •  Tenacity despite failure? •  Execution intelligence?

Common Myths About Entrepreneurs
•  Myth 1: Entrepreneurs Are Born Not Made
–  This myth is based on the mistaken belief that some people are genetically predisposed to be entrepreneurs. –  The consensus of many studies is that no one is “born” to be an entrepreneur; everyone has the potential to become one. –  Whether someone does or doesn’t become an entrepreneur, is a function of the environment, life experiences, and personal choices.

Common Myths About Entrepreneurs
Although no one is “born” to be an entrepreneur, there are common traits and characteristics of successful entrepreneurs •  Achievement motivated •  Alert to opportunities •  Creative •  Decisive •  Energetic •  Has a strong work ethic •  Is a moderate risk taker •  Is a networker •  Lengthy attention span •  Optimistic disposition •  Persuasive •  Promoter •  Resource assembler/ leverager •  Self-confident •  Self-starter •  Tenacious •  Tolerant of ambiguity •  Visionary

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